Bitcoin (BTC) Price Predictions: Where Is the Bottom? Analysts See Dip to $40K Amid Fresh Selling Pressure

At the time of writing, Bitcoin (BTC) traded around $58,486 across major crypto exchanges. However, the digital asset’s price had touched lows of

Bitcoin (BTC) price continued its slide on August 30, dropping to lows of $57,700 on US-based crypto exchange Coinbase amid fresh selling pressure. At the time of writing, BTC price trades around $58,486 across major crypto exchanges.

CryptoQuant head of research Julio Moreno suggests the $56k area remains crucial for Bitcoin price. If the price falls below this level, the analyst anticipates further weakness. According to Moreno, the CryptoQuant’s Bitcoin market cycle indicator has turned bearish again, indicating a potential deeper correction below the demand zone.

“From a valuation perspective, if the price pierces $56K to the downside, risks of a larger correction increase,” the CryptoQuant analyst noted.

#Bitcoin market cycle indicator is again in BEAR phase (light blue area).

From a valuation perspective, if the price pierces $56K to the downside, risks of a larger correction increase. pic.twitter.com/dsOS9ZSoHZ

— Julio Moreno (@jjcmoreno) August 30, 2024

Crypto analyst Altcoin Sherpa appears to be notably bearish on BTC price. The crypto analyst shared a chart that suggests the dip is likely to extend to $40k.

The last time Bitcoin traded at these levels was in January, when prices dipped from above $46k to revisit $39k. That's before bulls saw BTC skyrocket amid the halving sentiment and spot Bitcoin exchange-traded funds approval to reach the all-time high above $73k.

BTC price is down 12% in the past month and over -21% since its all-time high in March as of 1:30 pm ET on August 30, 2024.

$BTC see you at 40k

here's the chart I meant to post but misread pic.twitter.com/GHBTqPwXb5

— Altcoin Sherpa (@AltcoinSherpa) August 30, 2024

Meanwhile, crypto analyst Ali Martinez shared an observation that might not come as a surprise to veteran crypto investors. According to Martinez, September has historically brought negative returns for Bitcoin. This outlook is despite the overall projection that the Federal Reserve cutting interest rates could provide tailwinds for risk assets – including cryptocurrencies.

“If you think August was tough for #Bitcoin, keep in mind that September often brings negative returns as well,” Martinez noted.

If you think August was tough for #Bitcoin, keep in mind that September often brings negative returns as well. pic.twitter.com/vrdQdLcUac

— Ali (@ali_charts) August 30, 2024

Disclaimer: The views and opinions expressed in this article are solely those of the authors and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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